Zeszyty Naukowe UNIWERSYTETU PRZYRODNICZO-HUMANISTYCZNEGO w SIEDLCACH

Seria: Administracja i Zarządzanie

Nr 114 2017

dr hab. Sylwester Kozak1

Warsaw School of Life Science – SGGW
Faculty of Economic Sciences

The role and importance of the small business sector

in the economic development
of the Mazowieckie Province
Rola i znaczenie sektora małych przedsiębiorstw
w rozwoju gospodarczym województwa mazowieckiego

Abstract: The goal of the study is the examination of the impact of the small business sector on the
local economic growth in the Mazowieckie Province. The research proves that the increase in the
numbers of operating and newly registered small enterprises contributes positively to the county
economic development measured with the total value and the per capita value of traded production
generated by locally operating enterprises, as well as the number of their employees. Additionally the
increase in realized capital expenditures and the province GDP positively impact the county’s eco-
nomic development. The study is based on data from the Local Data Bank of GUS and covers all
counties (excluding the capital city of Warsaw) in the province during the period 2003-2014.
Keywords: small business sector, regional development, the Mazowieckie Province

Streszczenie: Celem artykułu jest analiza wpływu sektora małych przedsiębiorstw na rozwój regionalny
na przykładzie województwa mazowieckiego. Badania potwierdzają, że wzrost liczby działających i nowo
zarejestrowanych małych przedsiębiorstw pozytywnie przyczynia się do rozwoju gospodarczego każde-
go powiatu, mierzonego produkcją sprzedaną na jednego mieszkańca i całkowitą produkcją sprzedaną,
wytworzoną przez działające w nim przedsiębiorstwa, jak również na liczbę ich pracowników. Ponadto
stwierdzono, że wzrost nakładów inwestycyjnych i PKB województwa mają pozytywny wpływ na rozwój
gospodarczy powiatów. Badania oparte są na danych pochodzących z Banku Danych Lokalnych GUS
i dotyczą wszystkich powiatów województwa (z wyjątkiem Warszawy) w latach 2003-2014.
Słowa kluczowe: sektor małych przedsiębiorstw, rozwój regionalny, województwo mazowieckie

Introduction

The economic development of the country significantly depends on the

development of regional economies, which is largely based on the sector of
small and medium-sized enterprises (SMEs). Especially in less urbanized are-
as SMEs, are the largest employers. Small businesses are also responsible for
a significant portion of the production generated in the region. Development in
entrepreneurship is usually carried by running private firms operating primarily
within their own regions. Growing entrepreneurial skills foster innovation and help

1
Mailing address: Warsaw School of Life Science – SGGW, Faculty of Economic Sciences, 166
Nowoursynowska Street, 02-787 Warszawa, e-mail: sylwester_kozak@sggw.pl.

ZN nr 114 Seria: Administracja i Zarządzanie (41) 2017

62 Sylwester Kozak

regions to develop. Baumol2 considers small businesses as a key player stimu-

lating regional growth, but also recognizes that the economy cannot be explained
solely as a combination of production factors. In achieving higher economic per-
formance, human creativity and entrepreneurship are particularly important, they
enable to structure the macroeconomic environment of the region in an effective
way, which is conducive to obtaining final positive financial results. Therefore, the
proper combination of institutional economic conditions and human entrepreneur-
ial skills is the fundamental base for the successful growth of the local economy.
Strong positive correlation between development of SMEs and regional
economic growth find Cravo et al.3 in Brazil in 1980-2004. They also observe that
for the SMEs expansion, human capital is an even more important factor than the
scale of the entire SME sector in a given country or region. Lepojevic et al.4, examin-
ing the impact of entrepreneurship on the GDP growth in 22 developed and develop-
ing countries at the turn of the 1990s and 2000s suggest that entrepreneurship is
a factor of increasing importance for regional development. Its positive impact on the
economy is more pronounced in developed countries than in developing countries.
They also argue that the regions providing more incentives to SMEs could expect
dynamic growth and improvement in their economic competitiveness.
The goal of this study is to present results of the examination of validity of
the hypothesis indicating that an increase in the number of already operating and
the number of newly registered small enterprises positively contribute to the coun-
ty's economic development, which is measured with the values of the total and per
capita production generated by enterprises located there, and the number of em-
ployees.
The study uses panel data on sales volumes, the labor market, and the
structure of business entities in all counties of the Mazowieckie Province (hereinaf-
ter: Mazowieckie) in 2003-2014. The capital city of Warsaw is excluded from the
sample due to the high concentration of central government offices and the Polish
headquarters of international corporations which changes the common relationship
between the SME sector and the local economic growth. The annual data come
from the Local Data Bank of the Central Statistical Office (GUS). The econometric
model of a panel regression with fixed effects is estimated using the statistical pro-
gramme – STATA.
The remaining part of the study has the following structure. The next section
presents conclusions drawn from the literature review on conditions of the regional
economic growth, the following presents the economic situation of Mazowieckie,
and then the data and methodology used in the study and discussion of results.
The whole study is summarized in the conclusions.

2
M. Baumol, Entrepreneurship in Economic Growth, “American Economic Review” 1968, vol. 58(2),
p. 64-71.
3
T.A. Cravo, B. Becker, A. Gourlay, Regional Growth and SMEs in Brazil: A Spatial Panel Approach,
“Regional Studies” 2015, vol. 49(12), p. 1995-2016.
4
V. Lepojevic, M. Ivanovic Djukic, J. Mladenovic, Entrepreneurship and economic development: a com-
parative analysis of developed and developing countries, “Facta Universitatis. Series: Economics and
Organization” – University of Nis 2016, vol. 13(1), p. 17-29; T.A. Cravo, B. Becker, A. Gourlay, Regional
Growth and SMEs in Brazil: A Spatial Panel Approach, “Regional Studies” 2015, vol. 49(12), p. 1995-
-2016.

Seria: Administracja i Zarządzanie (41) 2017 ZN nr 114

 The role and importance of the small business sector in the economic development… 63

The SME sector and regional development

A considerable number of studies on the economic development have

found a positive relationship between the economic growth and the state of en-
trepreneurship, the number of operating enterprises and the value of the SME
sector turnover. Such conclusions are valid, both at state and regional level. Hart
and Hanvey5 examining contribution of newly established small businesses to the
employment growth in the three regions of the UK in the 1980s state that small
businesses are of particular importance for this process. They, however, point
out a certain instability in this phenomenon. Periods of significant employment
growth in SMEs are followed by periods of dismissals. They justify the lack of
long-term stability on the correlation between SMEs development and the re-
gional development with an inappropriate promotion of entrepreneurship by local
governments and an incorrect strategy for development of the SME sector.
Callejon and Segarra6 analyzing the phenomenon of creating new and closing
failing companies in particular regions and sectors of the Spanish economy notice
a considerable variation in the number of active small manufacturing companies.
They believe, however, that such variation has a positive impact on the economic
development of regions and sectors where the process takes place. Assuming that
new businesses are mostly users of modern technology, such phenomenon could
lead to the entry of efficient new companies into the market and the simultaneous
elimination of non-competitive enterprises unable to apply modern technology in their
operations and unable to successfully compete on the market. On the other hand
Folster7 notes that in most countries central and local governments support entre-
preneurship and promote the formation of new companies. They expect that such
a policy would increase the level of employment and self-employment in areas under
their jurisdiction. Such a relationship was confirmed for a sample of Swedish compa-
nies operating during the period 1976-1995. The strategy of the creation of new small
businesses positively impacted employment, and especially self-employment within
the entire country and individual regions.
Audretsch and Keilbach8 examining the conditions for the regional devel-
opment find that entrepreneurial capital plays an important role in this process.
They note that such capital positively impacts the performance of the regional
economy measured by the value of labour productivity and the pace of its
growth. They believe that the entrepreneurial attitude is better recognized in larg-
er and more urbanized areas. Using regression of the production function they
confirm that entrepreneurial capital has a positive and significant impact on the
performance of the region. Urbanized centres provide the best environment for
business development. Residents of such areas are positively geared toward
innovation and more willing to take action marked by significant investment risk.

5
M. Hart, E. Hanvey, Job Generation and New Small Firms: Some Evidence from the late 1980s,
“Small Business Economics” 1995, vol. 7(2), p. 97-109.
6
M. Callejon, A. Segarra, Business Dynamics and Efficiency in Industries and Regions: The Case
of Spain, “Small Business Economics” 1999, vol. 13(4), p. 253-271.
7
S. Foelster, Do Entrepreneurship Create Jobs?, “Small Business Economics” 2000, vol. 14(2),
p. 137-148.
8
D.B. Audretsch, M. Keilbach, Entrepreneurship Capital and regional Growth, “The Annals of
Regional Science” 2005, vol. 39(3), p. 457-469.

ZN nr 114 Seria: Administracja i Zarządzanie (41) 2017

64 Sylwester Kozak

Similar conclusions were drawn by Audretsch and Fritsch9 who state that in the
1990s regions with higher levels of newly opened businesses recorded higher
than average economic growth.
Holtz-Eakin and Kao10 studying the relationship between productivity (de-
fined as the state GDP per one employee) and entrepreneurship (defined as
a ratio of the number of those newly opened by the number of enterprises already
operating in a given year) in the 1990s in individual US states suggest that the
level of entrepreneurship is positively correlated with the productivity growth in
the state. This means that a greater number of companies in the state contribute
positively to the improvement of its competitiveness and generated GDP growth.
Mueller11 indicates the importance of the entrepreneurial environment for
regional development. Comparing the significance of other factors of production,
i.e. physical capital or labour he notes that knowledge and technological skills are
one of the most important factors for regional development. He also observes
that the highest growth could reach regions which recorded the highest rates of
newly opened technology companies – start-ups.
Summing up, the conclusions of existing research could lead to the state-
ment that entrepreneurship, represented by the creation of new enterprises and
closing uncompetitive ones, positively impact the dynamics of economic devel-
opment. This relationship is more recognized in countries and regions with
a higher level of technological development and in more urbanized areas.

The macroeconomic situation of the Mazowieckie Province

The Mazowieckie Province is located in the central part of Poland and its
capital city is the country's capital – Warsaw. It consists of 42 counties, of which
5 have the status of a city. In 2015 the population of the province amounted to
5.3 million people, i.e. 14% of the total country's population. Most of its residents
live in urban areas (64% compared to 60% in Poland) (Fig. 1). The population of
the province is relatively young. In 2015 the average age of approximately 21%
of the population did not exceed 19 years (20% in Poland). In contrast to the
whole country, in 2015 the number of the region's population increased by 2.4
thousand making a positive natural increase of 0.05% compared to the down-
ward trend recorded in the whole country of -0.07%. This indicates that the hu-
man potential of the region is significant and tends to increase, which gives
better prospects for economic development.
Households in Mazowieckie achieve the highest incomes in the country.
Their strong purchasing potential allows the companies operating there to
achieve greater sales of consumer goods and services. In 2015 the average
monthly income per capita was the highest in the country and amounted to
1756 PLN, which accounted for 127% of the national average. Mazowieckie is

9
D. Audretsch, M. Fritsch, Growth Regimes over Time and Space, “Regional Studies” 2002,
vol. 36(2), p. 113-124.
10
D. Holtz-Eakin, Ch. Kao, Entrepreneurship and Economic Growth: The Proof is in Productivity,
Maxwell School – Center for Policy Research, Working Paper no. 50, 2003.
11
P. Mueller, Exploiting Entrepreneurial Opportunities: The Impact of Entrepreneurship on Growth,
“Small Business Economics” 2007, vol. 28(4), p. 355-362.

Seria: Administracja i Zarządzanie (41) 2017 ZN nr 114

 The role and importance of the small business sector in the economic development… 65

leading in terms of other items of household revenues and expenditures. Total

expenditure per capita amounted to 1370 PLN, i.e. 126% of the national average,
including expenditure on consumer goods and services of 1305 PLN, i.e. 125%
of the national average. The average expenditures on health and education were
the highest in the country and equaled, respectively, 77.28 and 24.55 PLN, which
represent 134% and 220% of the national average.
% %
65.0 23.0
64.5 22.5
64.0 22.0
63.5 21.5
63.0 21.0
62.5 20.5
62.0 20.0
61.5 19.5
61.0 19.0
60.5 18.5
60.0 18.0
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Urbanized area - Poland (LHS) Urbanized area - Mazowieckie (LHS)

Residents under 19 - Poland (RHS) Residents under 19 - Mazowieckie (RHS)

Fig. 1. The share of residents of urbanized areas (LHS) and the share
of residents up to 19 years old in the total number of residents (RHS)
Source: own elaboration based on GUS data.

Enterprises operating in Mazowieckie generated the highest value of

revenue. However, not all indicators representing efficiency of their operations
are among the highest in the country. In 2015 the total revenue of companies
registered in the province exceeded 835 billion PLN, which accounted for 33% of
the revenue of companies across the country. Profit before tax and net profit
amounted to 35.6 and 29.7 billion PLN, this placed the sales profitability ratios
(i.e. 4.3% and 3.6%) only at the national average level. The shares of enterprises
(in terms of number and sales) showing a positive annual net income were lower
than the national average. In 2015 about 79.7% of all enterprises operating in the
province achieved net profit and revenue obtained by them accounted for 84.8% of
sales of all businesses operating in the province. In Poland, these rates were high-
er and amounted respectively to 82.8% and 85.6%. This means that the costs of
doing business in Mazowieckie are higher than in the rest of the country. In 2015
the operating costs amounted to 800 billion PLN and accounted for 33.2% of these
costs in the country, i.e. by 0.1 percentage point higher than in the case of reve-
nue. Mazowieckie provides the largest contribution to the country's GDP. In 2013
its value amounted to 366 billion PLN which means 22.1% of the country's GDP.
The GDP annual growth rate equaled 2.7% and was by 1 percentage point higher
than the average in the country (Fig. 2).
The increasing value of GDP at a relatively constant number of the
population means that the GDP per capita also has an upward trend. In 2013
this index increased by 2.4% and reached a level of 69 thousand PLN (in Po-
land respectively 1.8% and 43 thousand PLN). Consequently higher incomes

ZN nr 114 Seria: Administracja i Zarządzanie (41) 2017

66 Sylwester Kozak

might create more favourable conditions for enterprises operating in the prov-
ince compared to the rest of the country.
PLN bn %
1,800 1.8
1,600 1.6
1,400 1.4
1,200 1.2
1,000 1.0
800 0.8
600 0.6
400 0.4
200 0.2
0 0.0
2007 2008 2009 2010 2011 2012 2013 2014 2015
GDP - Poland (LHS) GDP - Mazowieckie (LHS)
GDP growth - Poland (RHS) GDP growth - Mazowieckie (RHS)

Fig. 2. GDP and the GDP growth in Poland and the Mazowieckie Province
Source: own elaboration based on GUS data.

Advantageous economic situation of Mazowieckie is conducive to the

improvement of the conditions of the labour market. In 2015 the registered un-
employment rate was one of the lowest in the country and amounted to 8.4%
(9.8% in Poland). The Labour Force Survey (LFS) reports the unemployment rate
at 6.4%, including 6.6% for men and 6.2% among women (in Poland respectively:
7.5% and 7.3% and 7.7%). Similar to the entire country, in Mazowieckie higher
percentage of people are employed in cities than in rural areas. According to LFS
in 2015 the labor participation rate for the province was 57.3%, with 59% for urban
and 54.1% for rural areas (in Poland respectively: 51.9% and 52.2% and 51.6%).
1500 140
per 10,000 residents per 10,000 residents
1400 120

1300 100

1200 80

1100 60

1000 40

900 20

800 0
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Already registered - Poland (LHS) Already registered - Mazowieckie (LHS)
Newly registered - Poland (RHS) Newly registered - Mazowieckie (RHS)
Withdrawn - Poland (RHS) Withdrawn - Mazowieckie (RHS)

Fig. 3. Number of already registered, newly registered and withdrawn companies from
the REGON registry per 10 thousand residents in Poland and Mazowieckie Province
Source: own elaboration based on GUS data.

Seria: Administracja i Zarządzanie (41) 2017 ZN nr 114

 The role and importance of the small business sector in the economic development… 67

In Mazowieckie, entrepreneurship is relatively well developed. In 2015

about 600 thousand people conducted an individual business activity, which
means about 1400 entities per 10 thousand residents (Fig. 3). Since 2010, annu-
ally about 120 new entities per 10 thousand residents registered their businesses
in the local governments and about 90 enterprises per 10 thousand residents
were removed from the REGON register.

Assessment determinants of regional development

The data for all counties of Mazowieckie are used (with the exception
of the capital city of Warsaw) for testing the hypothesis of a positive impact of
increased activity of small enterprises on the county economic development in
the years 2003-2014. The source of data is the Local Data Bank of the Central
Statistical Office (GUS). A limit on the range of achievable economic and finan-
cial characteristics of counties lowers the possible number of variables repre-
senting regional economic development or the level of entrepreneurship. For
this reason, the economic situation of the county is described by means of the
volume of traded production generated by the enterprises registered in the
county and employing more than 9 persons (Ident.: Production). The variable
which substitutes the value of GDP per capita is the ratio of the retailed produc-
tion per capita (Ident.: Production pc). This variable, by a certain degree, also
characterizes the efficiency of companies located in the county. The state of
the labour market, in a certain way, testifies to the level of the county's eco-
nomic development. For this reason, the study uses the parameter of the num-
ber of employees in enterprises registered in the county and employing more
than 9 persons (Ident.: Employment).
The level of small business activities in a county is characterized by two
parameters. The first one equals the total number of private sector entities attribut-
able to 10 thousand residents (Ident.: Firms). The fact that individual businesses
comprise 80% of all companies allows us, with considerable approximation, to
assume that the adopted parameter “Firms” well characterizes the state of the
small business sector in the county. Similarly, the number of newly opened busi-
nesses per 10 thousand residents is also an equivalent of entrepreneurship and its
pace of the growth. Capital expenditures could be treated as the contribution to
development in innovation and new technologies (Ident.: Investment). In addition to
the county characteristics, the province's GDP (Indent.: GDP MZW) is included in
the group of explanatory variables. It characterizes the state of the macroeconomic
environment for all districts of Mazowieckie. Distributions of variables used in the
estimations are characterized by the descriptive statistics (Tab. 1).
Based on the results of the literature review the following panel regres-
sion model with fixed effects is proposed:

where:
– variables describing the level of economic development of the county i in
time t (variables: Production, Production pc, Employment);

ZN nr 114 Seria: Administracja i Zarządzanie (41) 2017

68 Sylwester Kozak

individual characteristics of the county i in time t (Firms, New firms,

Investments);
variable describing the macroeconomic environment in the province in
time t (GDP MZW);
, , , , – parameters to be estimated.

Table 1. Descriptive statistics

No.of Standard
Variable Average Median Minimum Maximum
observations deviation
Production (PLN mn) 410 1 256 881 1 003 641 8 571
Production pc (PLN) 410 13 614 11 002 11 709 8 318 61 577
Employment 410 21 907 20 139 10 295 7 100 55 253
Firms 410 116 112 35 54 270
New firms 410 1 291 1 183 398 726 2 617
Investment (PLN mn) 410 214 129 277 6 1 919
GDP MZW (PLN mn) 410 261 093 265 567 69 264 164 577 366 431
Source: own elaboration based on GUS data.

Estimation of the model is conducted using the STATA programme,

and the results are presented in Tab. 2.

Table 2. Results of the estimation of the panel regression with fixed effects
Variable Production Stat. t Production pc Stat.t Employment Stat. t
Firms 5.359 a
3.09 16.64 1.25 23.747 a
5.51
New firms 2.191a 7.13 8.477a 3.59 7.369a 9.32
Investment (-1) 0.297 1.09 7.346a 3.49 2.505a 3.61
GDP (-1) 0.002a 4.57 0.035a 8.60 0.001 0.30
Constant -2866a -7.94 -9041a -3.26 9113a 9.88
Number of observations
340 (34) 340 (34) 340 (34)
(groups)
Statistics F 64.62 74.30 88.26
Coefficient R2 0.461 0.496 0.512
Note:a – level of statistical significance 1%; (-1) – one year lag.
Source: own elaboration based on GUS data.

The results are consistent with the results presented in the current re-
search on the relationship between the activity of small businesses and the
economic development of the region. The value of the traded production posi-
tively depends on both, the number of firms presently and the newly registered
in a given year. An increase of one entity in relation to 10 thousand residents
could increase by 5.4 million PLN the annual retailed production generated in
a given district. On the other hand, an increase of one newly registered entity per
10 thousand residents could increase this production by 2.2 million PLN, which
is consistent with the results obtained by Audretsch and Fritsch 12, Callejon and
Segarra13 and Mueller14. The total value of transacted production is also related

12
D. Audretsch, M. Fritsch, op. cit.
13
M. Callejon, A.M. Segarra, op. cit.

Seria: Administracja i Zarządzanie (41) 2017 ZN nr 114

 The role and importance of the small business sector in the economic development… 69

to the macroeconomic environment of the businesses operating there (with a

one-year delay). In this case, the increase of the province's GDP could rise by
2 million PLN in sales in the next year in each district.
A similar character in the relationship occurs when the economic de-
velopment of the county is represented by the value of production conducted
per one inhabitant. This parameter is positively affected by the increase in the
number of newly registered entities, as well as the value of investment expendi-
tures and the GDP of the whole province. Considering this variable as a meas-
ure of efficiency of the production it can be said that it grows along with the rise in
the entrepreneurial activity in the county, which is in line with the result obtained by
Holtz-Eakin and Kao15.
The equation describing the dependence of the level of employment in the
county of internal and external factors all estimated coefficients turned out to be
statistically significant (Tab. 2). The calculation results confirm the stated hypothe-
sis that an increase in activity among small businesses improves employment in
the county. Increasing by one the number of entities per 10 thousand residents, the
workforce could be increased by 24 employees and increasing by one the number
of newly registered entities per 10 thousand residents could help to raise employ-
ment by 7 employees. This result is consistent with the observation made by Hart
and Hanvey16 and Folster17. In addition, an increase in a county's capital expendi-
tures and the province`s GDP could rise the level of employment in the county in
the next year.

Conclusions

The study evaluates the state of the economy, labour market and econom-
ic activity of small businesses in counties of the Mazowieckie Province during the
period 2003-2014 based on the data from individual counties. The results of the
analysis of the panel regression between indicators representing the county's eco-
nomic development and the operating there of small enterprises allow drawing the
following conclusions:
 A growing number of enterprises registered in a county is an important in-
dicator of the rising economic potential of enterprises and households lo-
cated there. The increase in the number of registered small enterprises
positively affects the level of sold production generated by local enterpris-
es, as well as the number of their employees.
 The growth of entrepreneurship and the increase in the number of newly
registered companies increases the economic potential of enterprises and
households and improves the county`s competitiveness. The increase in
the annual number of newly registered small enterprises has a positive ef-
fect on the value of production retailed, the number of employees in the
county and the efficiency of enterprises, expressed in value the production
performed per one inhabitant.

14
P. Mueller, op. cit.
15
D. Holtz-Eakin, Ch. Kao, op. cit.
16
M. Hart, E. Hanvey, op. cit.
17
S. Folster, op. cit.

ZN nr 114 Seria: Administracja i Zarządzanie (41) 2017

70 Sylwester Kozak

 The increase in a county’s economic potential and its competitiveness can

also be achieved by increasing the value of capital expenditure realized by
enterprises located there. This process could be accelerated by the im-
provement of the province’s economic situation expressed in the GDP
generated there.
 Findings of the research are consistent with previous analyzes presented
in the literature indicating the overall positive impact of the growth of the
small business sector on the economic potential and competitiveness of
the region.

Bibliography

Arent A., Bojar M., Duarte N., Diniz F., 2013, The role of SMEs in sustainable re-
gional development and local business integration: The case of Lublin re-
gion (Poland), https://ideas.repec.org/p/wiw/wiwrsa/ersa15p611.html.
Audretsch D.B., Keilbach M., Entrepreneurship Capital and regional Growth, “The
Annals of Regional Science” 2005, vol. 39(3), p. 457-469.
Audretsch D., Fritsch M., Growth Regimes over Time and Space, “Regional Stud-
ies” 2002, vol. 36(2), p. 113-124.
Baumol M., Entrepreneurship in Economic Growth, “American Economic Review”
1968, vol. 58(2), p. 64-71.
Callejon M., Segarra A., Business Dynamics and Efficiency in Industries and Re-
gions: The Case of Spain, “Small Business Economics” 1999, vol. 13(4),
p. 253-271.
Cravo T.A., Becker B., Gourlay A., Regional Growth and SMEs in Brazil: A Spatial
Panel Approach, “Regional Studies” 2015, vol. 49(12), p. 1995-2016.
Foelster S., Do Entrepreneurship Create Jobs?, “Small Business Economics”
2000, vol. 14(2), p. 137-148.
Hart M., Hanvey E., Job Generation and New Small Firms: Some Evidence from
the late 1980s, “Small Business Economics” 1995, vol. 7(2), p. 97-109.
Holtz-Eakin D., Kao Ch., Entrepreneurship and Economic Growth: The Proof is in
Productivity, Maxwell School – Center for Policy Research, Working Paper
no. 50, 2003.
Lepojevic V., Ivanovic Djukic M., Mladenovic J., Entrepreneurship and economic
development: a comparative analysis of developed and developing coun-
tries, “Facta Universitatis. Series: Economics and Organization” – University
of Nis 2016, vol. 13(1), p. 17-29.
Mueller P., Exploiting Entrepreneurial Opportunities: The Impact of Entrepreneur-
ship on Growth, “Small Business Economics” 2007, vol. 28(4), p. 355-362.

Seria: Administracja i Zarządzanie (41) 2017 ZN nr 114